Physical iron ore prices continued to drop on Thursday March 8 with the April swaps contract hitting the $70-per-tonne-cfr-China mark amid a weakening Chinese steel market.
Key driversChina's ferrous futures tanked across the board for a second day, with the benchmark contracts falling 2.9-3.8% from the settlement levels a day earlier. The iron ore contract had the worst performance, ending just above 500 yuan ($79) per tonne, its lowest since mid-December.The country's spot rebar and hot-rolled coil prices also fell 40-90 yuan per tonne during the day amid rising inventory levels.And while the March iron ore swaps contract experienced limited losses to stay close to...